Gold price continues to move on a downward trajectory due to the rebound in the US Dollar (USD).
Gold price extends losses as the Greenback continues to move in an upward direction. Gold faces challenges due to the reduced risk premium from the lack of escalation in the Israel-Hamas conflict. Upgrading China’s GDP growth could lead to an increase in Gold prices. The price of Gold trades lower around $1,970 per troy ounce during the Asian session on Wednesday.
Member of the Federal Reserve Board of Governors, Lisa Cook mentioned on Monday that the current interest rate policy is considered sufficiently restrictive to maintain price stability. However, the US Dollar strengthened after Minneapolis Fed President Neel Kashkari made a statement on Tuesday, cautioning against prematurely declaring the end of the Fed's rate hike cycle.
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